Young Brisbane couple dodge state’s mortgage pain

A young Brisbane couple have revealed their secret to dodging the pain of rate rises after shock new figures revealed more than 320,000 Queensland homeowners are paying mortgages they cannot afford. FIND OUT MORE

Claire Leahy and Josh Lahey at their home in Chapel Hill. Picture Lachie Millard

A young Brisbane couple have revealed their secret to dodging the pain of rising interest rates after shock new figures revealed more than 320,000 Queensland homeowners are paying mortgages they cannot afford.

Homeowners Claire Leahy and Josh Lahey said they had been lucky that the interest rate rises hadn’t impacted them and their young family.

“We have a huge pool of savings, so the rate rises haven’t really impacted us. Our mortgage repayments would be roughly around 20 per cent of our earnings,” Ms Leahy said.

“My husband is a builder, and I’m currently on maternity leave. We purchased this block back in 2021 and built this home with the plan to sell it and eventually move into something else.

“We love that the home is just off Mount Coot-tha. It’s super leafy. Our daughters love hearing the Kookaburras in the trees. Chapel Hill has a great school catchment; you’ve got Chapel Hill State School and Indooroopilly High School, and of course, great amenities. Indooroopilly Shopping Centre is just three minutes away.

But in a twist of fate, Mr. Lahey and Ms. Leahy have recently found a new property they love and will soon be moving.

“We hadn’t planned to move this quickly, but we found a home we loved, and then before we knew it, it was all happening,” she said.

“We’ve always dreamt of renovating a character home; the property we have bought was built in 1925. It’s really cool. We want to restore the front of the property and do something contemporary and modern out the back.”

Sales and Marketing Consultant at Ray White Toowong, Brady Barri, said buyers shouldn’t be stretching beyond their means for any type of purchase. “We are seeing that people who previously were looking in Chapel Hill, Fig Tree Pocket, Indooroopilly are still looking with a budget that would have been applicable six months ago that need to readjust,” Mr Barri said.

“It is a great time for buyers and sellers to get into the market; the top end of the market is going quite well.

“It’s a great time to transact with the outlook on Brisbane, and the market is only going to travel upwards.”

Mortgage holders in Chapel Hill owe $499,500 on average, which is about average in the state.

Originally published as Young Brisbane couple dodge state’s mortgage pain